Question # 1

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

In accounting all business transactions are recorded which have:

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Dual aspect

Single aspect

None of the above

Economic aspect

Contra Refers to

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Same Side

Parallel Side

Opposite Side

None of these

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

Transaction, having short-term effects are known as

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Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

In case of a debt becoming bad, the amount should be credited to

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Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

From the business point of view, interest on drawings is

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An asset

An expense

A liability

A revenue

All expenses connected with the office and its conduct are called

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Selling expenses

Marketing expenses

Service expenses

Administrative expenses

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

All the bills given to the creditors are recorded in

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Creditor's book

Bills payable book

Bills receivable book

Bank book

Depreciation of fixed assets used in the business is an example of

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capital expenditure

Revenue expenditure

Deferred expenditure

None of these

Depreciation is charged on.

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Fixed tangible assets only

Fixex intangible assets only

Current assets only

None of these

Consignment signifies.

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Goods despatched by the owner to his agent

Goods forwarded by the creditor to his debtor

Goods forwarded from one place to another

Goods sent by the owner to his agent for the purpose of sale.

the loss whihc arises due to natural causes such as evaporation etc is called.

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Abnormal loss

Normal loss

Additional loss

None of these

The main sources of income of for on -trading concern is.

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Subscriptions

Donations

Sales

Dividends on investment

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

Donation receivedin heavy amount are treated as.

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Revenue

Capitaized

Liability

Assets

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

How many methods are available to calculate the profit or loss under single entry system,

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One

Two

Three

Four

Consignee account is of the natur eof.

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Personal account

Nominal account

Real account

None of these

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